Renting a Stand-Alone Commercial Property vs. a Subsidized Unit

Posted on February 28, 2025February 13, 2025 by agentinsure

As a business owner, you’ll encounter two different commercial property types when looking for a place to rent. You can choose between a stand-alone property or a unit within a shopping mall. Both options have their pros and cons.

Maintenance Requirements

If you own a stand-alone property, you are responsible for maintaining the parking lot, lawn, and building you rent. However, if you rent a unit within a shopping mall, you share a parking lot, parts of the building, and other areas, which is the landlord’s responsibility. This can ease the burden of your maintenance needs and be an excellent option for a new business.

Reputation Concerns

When you rent a unit in a shopping mall, you may have reputation concerns if a business in the mall has poor clientele or questionable business practices. Your reputation as a location and mall can either deter clients or attract them if a popular business is located in the same area. It’s a risk you take with units within a shopping mall, but it can sometimes be beneficial.

With a stand-alone business, you can create your own reputation and manage your space so that you don’t have unwanted guests lingering in the area and bringing in unwanted attention.

Rent/Leasing

The cost of a stand-alone commercial property is usually much more than a unit within a shopping mall. If you have an established business and can afford this type of rent, it’s the ideal way to go. For small and new businesses, cheaper rent with units within a shopping mall is probably the best place to start until you can build up your clientele.

If you need more information on commercial insurance in the surrounding areas of West Bloomfield, MI, contact our agents at Phil Klein Insurance Group. We can get a quote for your business on the policy you need today.

Is It Beneficial to Purchase Disability Insurance During Your Working Career?

Posted on January 24, 2025January 16, 2025 by agentinsure

Overview of Purchasing Disability Insurance While Working

Preparing for the future is sometimes not at the top of the list of things to do, but in reality, making sure you have taken steps to ensure your future lifestyle in West Bloomfield, MI should be a priority, as unexpected situations can happen at any time. When you speak with one of our agents at Phil Klein Insurance Group, you will have useful information that can help you put into play a plan of action.

Benefits of Disability Insurance in West Bloomfield, MI

In today’s world, many, if not the majority, of most people plan to have a working career until they are eligible to retire. Even then, people still continue to work after reaching retirement age. An option to ensure your financial stability in the event of an illness, injury, or accident during your working career that results in you no longer being able to work is purchasing long-term disability insurance.

There are two types of disability insurance: short-term and long-term policies. Short-term is for a set number of weeks and, for some policies, up to a year.

For those wanting to protect their financial stability, long-term disability policies provide coverage for many years or for life.

Pros

Protects having an income.
When purchased privately, benefits are tax-free.
You decide how the payments received are spent.
Supports keeping financial obligations current. It helps avoid accruing debt and possible bankruptcy.
Provides peace of mind.

Cons

Premiums increase in price as you get older.
Premiums can be expensive for jobs deemed dangerous.
Pre-existing conditions may not be covered.
The waiting period for coverage varies (days to years).
Benefits are paid only for disability situations.

Contact Our Agents in Michigan

Learn about disability insurance and speak with one of our professional agents at Phil Klein Insurance Group. One of our goals is to help you choose a policy that will support your future. Contact us today, and let’s get started on a plan that suits your needs.

What Kinds of Businesses Need Commercial Insurance?

Posted on December 16, 2024December 13, 2024 by agentinsure

If you’re in the West Bloomfield, MI area and operating or planning to start a business, Phil Klein Insurance Group is here to help. We know you probably have many questions about commercial insurance, and we want to ensure you’re getting the right policy for your needs. Whether you already have one and need to make changes, or you’re planning to get one and don’t know where to start, our agents are here for you.

Finding the Right Policy for Your Business

There are many different types of businesses that don’t all need the same kinds of commercial policies. You might not need a commercial policy if you have a home-based business that doesn’t see clients or customers in person. For most companies, though, commercial coverage is the right choice. Our agents will help you find the best protection for your needs by ensuring you get a policy that fits your business and its goals.

It’s Important to Review and Update

Reviewing and updating your policy matters and working with an agent makes that much easier. You don’t have to guess whether your policy is the right one or whether you have a level of coverage that fits. We’ll ask the right questions and make valuable suggestions so you can keep your business on track.

Get in Touch With Us Today

Contact us at Phil Klein Insurance Group today if you’re in the West Bloomfield, MI area and looking for commercial insurance. Our agents are happy to help you find a new policy, update your current one, or review it to make sure you have what you need. We’ll answer your questions and ensure you’re getting the right support, so you can build and grow your business confidently.

Insurance Coverage for New Residential Construction

Posted on November 15, 2024November 13, 2024 by agentinsure

Are you planning a new residential construction project? If so, now is the time to consider the insurance protection your property needs.

Home Insurance Coverage

Home insurance protects a homeowner from a series of unforeseen events. A policy may cover you if you need to have your home repaired. It may also provide financial relief if you are sued due to an injury or damage that occurs on your property.

Possession Protection

Consider the items that you will be moving into your new home. Determine the risk associated with an item being stolen or damaged. Items of value should be prioritized and added to your home insurance policy.

Prepare a list highlighting the items you want to add to your home insurance policy. Record vital details that could assist with filing a home insurance claim in the future.

The make and model of your possessions and the current value of your items may need to be reported when filing an insurance claim.

Home Construction Considerations

Evaluate the layout of your new home and the types of materials that are being used to construct it. The layout of your home could reflect upon the amount of insurance coverage you need.

If you have decided to purchase liability coverage, determine which parts of your new home pose the most risk. During the evaluation, assess staircases, uneven surfaces, and unique design elements.

Keep track of the cost of materials that are used to construct your home. You can add these materials to your home insurance policy.

Contact an Agent Who Serves West Bloomfield, MI

Schedule an appointment to consult with an agent from Phil Klein Insurance Group. An agent will assist with your home insurance policy.

Does Auto Insurance Cover Theft?

Posted on October 21, 2024October 14, 2024 by agentinsure

If your car is stolen, the coverage provided by your auto insurance policy depends on your insurance type. There are several types of auto insurance, but not all cover theft.

The professionals at Phil Klein Insurance Group, servicing West Bloomfield, MI, can help you find an auto insurance policy that includes theft coverage. If car theft is a common issue in your area, or if your car model is at high risk of theft, you may need insurance that provides this specific coverage.

Which Type of Auto Insurance Covers Theft?

Among the various types of auto insurance, only comprehensive coverage includes theft. Comprehensive coverage is the highest level of auto insurance and offers extensive coverage.

Besides theft, comprehensive coverage also pays for repairs to the other driver’s vehicle if you cause a collision. If your vehicle is damaged in a collision, comprehensive auto coverage will pay for your vehicle’s repair, even if you’re at fault. Moreover, comprehensive auto insurance covers events not caused by a collision, such as damage from fire.

Do I Need Theft Coverage?

If you financed your vehicle with a car loan, you would likely need to get comprehensive auto coverage, as most lenders require it. Even without a car loan, it’s wise to opt for comprehensive coverage if you’re concerned about car theft. Comprehensive auto coverage offers the highest level of financial protection and can be beneficial for high-value, brand-new vehicles.

Interested in learning more about insurance that covers theft? Talk to Phil Klein Insurance Group professionals, servicing West Bloomfield, MI. We’re here to answer your questions!

Why Should I Get More Life Insurance Than My Job Offers?

Posted on September 23, 2024September 17, 2024 by agentinsure

Navigating through Life Insurance: Employer-Provided vs Personal Policy

Employees often receive life insurance as part of their benefits package, while some individuals access group life insurance policies through professional societies, unions, or other associations. While these policies bring about benefits, they rarely provide the substantial coverage that households require. Additionally, life insurance obtained via an employer typically doesn’t extend to family members. If you’re uncertain about your family’s life insurance needs, consult the Phil Klein Insurance Group serving West Bloomfield, MI. We’ll work with you to structure robust life coverage that suits your family’s needs.

Perks of Employer-Provided Life Insurance

In most cases, employer-provided life insurance has several advantages, essentially because it often comes free, with options to purchase more. Moreover, these group-based policies make it easy for employees with pre-existing conditions to secure life insurance they might otherwise not be eligible for. Acquiring employer-based life insurance requires minimal effort on the employee’s part, making the process nearly automatic.

Limitations of Employer-Provided Life Insurance

Despite the benefits, employer-provided life insurance typically has drawbacks:

It isn’t transferable. Employees generally lose their coverage upon switching employers.
Few benefit packages offer substantial insurance for spouses or children.
Most crucially, employers rarely provide coverage in the amount a primary provider needs to shield their families entirely.

Therefore, while employer-provided life insurance is beneficial, it tends to fall short for most families. Hence, purchasing additional life insurance is advisable for most households.

Engaging with Phil Klein Insurance Group

If you reside in the West Bloomfield, MI, area and wish to discuss your life and other insurance needs, feel free to drop by or call us at (248) 682-7445 to engage with the Phil Klein Insurance Group. We’ll help you locate the right plan for your needs.

Do I Need Commercial Vehicle Insurance If I Put A Company Sign on My Truck?

Posted on August 30, 2024August 20, 2024 by agentinsure

Insuring your work vehicles adequately is a sound business practice that considerably reduces risk. Unfortunately, some business owners erroneously believe that their own or their employees’ auto insurance provides coverage for work-related accidents. This misperception can expose them to significant risk. Therefore, it’s crucial to thoroughly understand when you need commercial vehicle coverage, such as when vehicles display company signage. If you own a business and want to understand your commercial insurance options better, our Phil Klein Insurance Group team is available to guide you. We are based in West Bloomfield, MI.

Distinguishing Between Business and Personal Vehicle Use

Michigan companies that use vehicles for business need to ensure they have the right insurance coverage. In addition to work trucks, a company’s vehicle must carry commercial vehicle insurance. Additionally, vehicles may also need coverage beyond a standard personal policy if any of the following apply:

Transporting work-related goods
Visiting a client or a job site
Carrying work tools or equipment
Transporting employees or clients
Displaying business signage, either temporarily or permanently

If you or an employee carries out any of these actions and causes an accident, liability may fall on both the driver and your business. We often recommend acquiring Hired and Non-Owned Auto Insurance (HNOA) to safeguard your business in such situations. This kind of policy covers personal, leased, and rented vehicles used for business purposes. It’s also essential to remember that many individual auto policies specifically exclude coverage for vehicles displaying business signage. In such cases, a commercial vehicle policy becomes a necessity.

Collaborating with the Phil Klein Insurance Group

The Phil Klein Insurance Group caters to the personal and business insurance needs of business owners in the West Bloomfield, MI, area. Call us today at (248) 682-7445 to design an insurance plan that best protects your business and personal assets.

Protecting the Place We Call Home Begins with Insurance

Posted on July 30, 2024July 17, 2024 by agentinsure

Homeowners shoulder many responsibilities. The tasks range from upkeep and maintenance to protecting their homes- owning a home can be an enormous and, at times, an expensive task. Fortunately, when those expenses arise due to damage from storms or even theft, insurance can help provide relief. That is also why so many people in and around West Bloomfield, MI, trust the proven, experienced, and friendly team at the Phil Klein Insurance Group. The Phil Klein Insurance Group is known for providing insurance that can safeguard the place you call home.

Protecting the Place We Call Home

Home insurance can mean many things to many people. For some, it is the helping hand they need when disaster strikes; for others, it is the peace of mind knowing their home is safeguarded. However, for all, protecting the place we call home commences with the right home insurance plan.

As homeowners, there is only so much we can do to protect our homes. More often than not, the central role of a homeowner involves repairing the damage and resolving the problem after it has occurred. The good news is that is precisely what insurance is for, and why having a reliable insurance partner like the Phil Klein Insurance Group team on your side can make a significant difference.

For All Your Home Insurance Needs

If you are a homeowner in West Bloomfield, MI, and have questions about home insurance or need protection for your home, our friendly and experienced team at the Phil Klein Insurance Group can help. Contact us to learn more and schedule an appointment for the insurance you need to secure the place you call home today.

Why life insurance is a smart investment

Posted on June 28, 2024June 17, 2024 by agentinsure

Life insurance protects families from financial losses in the event of an unexpected death. In certain circumstances, however, it can also function as an investment. We’ve outlined a few ways that life insurance can be used as an investment and invite you to contact us at Phil Klein Insurance Group for any additional assistance.

Supplementing Retirement Income

With a fixed government income, many individuals find themselves needing additional finances during their retirement. A universal life insurance policy can be used as an income source during retirement, allowing policyholders to tap into its value through various methods.

The Cash Value of Life Insurance Policies

A life insurance policy can gain value over time as policyholders pay into it. This accumulated value can be used as security when the individual wishes to borrow against their life insurance policy. Direct access to a policy’s cash value may also be possible in certain situations.

Tax Benefits

Life insurance policies come with certain tax benefits. These include but are not limited to, tax deferrals and the ability to receive death benefits tax-free. Consulting an insurance or tax expert in West Bloomfield, MI, can provide valuable insights into how a life insurance policy can positively impact your tax situation.

Speak With Our Life Insurance Agents

Our representatives at Phil Klein Insurance Group in West Bloomfield, MI, are ready to provide you with more information on life insurance policies. We invite you to contact us for assistance in setting up a policy or to ask any questions you might have regarding the information shared in this post.

Would it be smart for a business owner to get commercial insurance for their company?

Posted on May 27, 2024May 16, 2024 by agentinsure

Becoming a business owner continues to be a dream for many in the West Bloomfield, MI, area. When you are going to start a small organization in this region, you need to ensure you are diligent. One of the best ways you can do this is by getting the right coverage. There are many reasons why this coverage is a smart option for business owners here.

Protect Investment and Assets

A great reason to always have a commercial insurance plan for your business in Michigan is to ensure you are able to protect all business assets and your investment in the company. If you choose to start a business here, you will make a range of investments to get it off the ground. Commercial insurance will protect your business assets if you incur a loss.

Manage Liability Risks

The right commercial insurance plan can help you properly manage your liability risks. Many risks come with running a company; mitigating them is always important. When you get a full commercial insurance policy, it will include a provision for liability risk coverage. This will help ensure you have support if your business is found liable for an accident.

When starting a business in the West Bloomfield, MI, area, you need to have the right insurance. As there are a lot of commercial insurance options to consider, it would be a good idea to call our team with the Phil Klein Insurance Group. Our Phil Klein Insurance Group professionals know the value of such coverage and can offer the guidance you need to build a quality plan that will cover your business.

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